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PVH's EPS exceeds guidance in Q1 2016
27
May '16
Courtesy: PVH Corp
Courtesy: PVH Corp
American clothing company PVH Corp reported diluted earnings per share (EPS) of $1.50 on a non-GAAP basis in the first quarter of 2016, ended May 1, against previous guidance of $1.40-1.45 per share owing to positive results posted by The Calvin Klein and Tommy Hilfiger brands.

Revenue increased 13 per cent during the quarter on a constant currency basis at the Calvin Klein brand to $723 million as compared to $654 million in the previous quarter. Similar, revenue increased 4 per cent in the quarter at Tommy Hilfiger to $792 million as compared to $768 million previously.

On a GAAP basis, PVH posted EPS of $2.83 in Q1 of 2016 as compared to $1.37 per share in the corresponding quarter last year, ended May 3, 2015.

“We are very pleased with our first quarter 2016 results, which exceeded our expectations despite the difficult retail environment experienced in the US market,” Emanuel Chirico, chairman and CEO of PVH commented.

“Looking ahead to the remainder of 2016, we are increasing our earnings guidance on a non-GAAP basis for the year, while continuing to take a prudent approach to planning our business, as foreign currency and global consumer spending remain unpredictable and the US retail market is increasingly volatile and promotional,” he added.

The company currently projects 2016 earnings per share to be in a range of $6.45-6.55 on a non-GAAP basis, which includes approximately $1.55 per share negative impact related to foreign currency exchange rates. (MCJ)

Fibre2Fashion News Desk - India

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